XRP - SHORT IT. BECAUSE IT'S GOING TO RANGE.
Nothing happens by accident in the market because it's manipulated by whales. We have to understand what the whales are doing — buy when they buy, sell when they sell.
If you look at ACCUMULATED #1, the whales had spent 20 days accumulating their shorts, before driving the market down to shake weak hands.
The price fell down into ACCUMULATED #2, the final shakeout. Whales accumulated for another 20 days, before the start of their campaign of the mark up. There was a big green bar that started the mark up phase, as you can see price went up in a channel.
But the party came to an end with massive volume (buying climax from retails) followed by a crash as whales exit their position. A clear break of trend here.
Right now, price is making a descending triangle, and a possible break down to ACCUMULATION #3. If this is the accumulation box, then it will range for the next 20 days or so. It's possible that this range might break down again(!) to shake out weak hands.
Either way, you can scalp the range by shorting it (it's safer to short since we're in a downtrend)
I hope this helps. See you in the next analysis! :)
If you look at ACCUMULATED #1, the whales had spent 20 days accumulating their shorts, before driving the market down to shake weak hands.
The price fell down into ACCUMULATED #2, the final shakeout. Whales accumulated for another 20 days, before the start of their campaign of the mark up. There was a big green bar that started the mark up phase, as you can see price went up in a channel.
But the party came to an end with massive volume (buying climax from retails) followed by a crash as whales exit their position. A clear break of trend here.
Right now, price is making a descending triangle, and a possible break down to ACCUMULATION #3. If this is the accumulation box, then it will range for the next 20 days or so. It's possible that this range might break down again(!) to shake out weak hands.
Either way, you can scalp the range by shorting it (it's safer to short since we're in a downtrend)
I hope this helps. See you in the next analysis! :)
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